The Securities Commission invites submissions on proposed standard conditions for financial adviser businesses that apply for Qualifying Financial Entity (QFE) status. This follows the Commission's consultation early this month on the licence conditions for Authorised Financial Advisers.

QFE status is available to entities that satisfy the Commission that they have the capacity to take responsibility for their financial advisers. The QFE is permitted to employ or engage financial advisers who are not individually regulated, and must comply with the terms and conditions issued by the Commission.

The consultation paper sets out the content of the proposed standard conditions for QFEs. It is relevant for all QFE applicants.

A separate consultation paper on disclosure requirements for QFEs will be issued shortly.

Entities that wish to apply for QFE status must first submit an Adviser Business Statement to the Commission for consideration by 1 December. The Commission has received just over 20 statements to date.